Many things can go wrong when filing your income tax return, such as incorrectly declaring dividends, bank interest, short/long term capital gains, and other incomes, inputting the incorrect bank account details and general information, or claiming improper exemptions and tax deductions. To correct these types of mistakes, the government has given an option to file a revised Income Tax Return (ITR).
A revised income tax return is filed under section 139(5) of the income tax act, 1961.
Section 139(5), allows taxpayers to correct any mistakes or omissions in their previously filed income tax returns. Return filed under section 139(5) is referred to as revised income tax return.
By filing a revised income tax return under section 139 (5), the original ITR filed earlier will be replaced by this newly filed revised ITR.
Many taxpayers may not be fully aware of the provisions related to revised income tax returns. In this article, we will be discussing who can revise an income tax return, time limit, and will answer a few frequently asked questions to help you understand the provision better.
Who can revise income tax return?
Taxpayers can file a revised income tax return if they realize there were errors in their original return, such as missed income, incorrect deductions, or other discrepancies.
This means, salaried, self-employed, or professionals, HUFs, Corporate entities, partnerships, limited liability partnerships (LLPs), trusts and other entities can revise their income tax returns if they discover mistakes or omissions.
ITR can be revised only if the original return has been filed.
What is the time limit to revise income tax return (ITR)?
The revised income tax return can be filed within the specified time limit, typically before 31st December of the relevant assessment year or before the completion of the assessment, whichever is earlier.
The revised income tax return must be filed using the same method as the original return, indicating that it is a revised return. When filing a revised return, it’s important to mention the acknowledgment number of the original return.
If you have filed your ITR before the income tax filing deadline, then you can revise the return to correct any mistakes therein. If you have filed a belated ITR, you can still file a revised return.
Filing a revised return can help taxpayers avoid penalties for incorrect reporting and ensure that their tax liabilities are accurately assessed.
Is there any fee or penalty for filing a revised return?
No, you typically do not have to pay any fee to file a revised income tax return (ITR) in India. There is no fee specifically for revising your return.
However, if your revised income tax return shows an increase in tax liability, for example, if you report additional income, you will need to pay the additional tax due along with any applicable interest or penalties.
If you are using a tax consultant or a tax preparation service, they may charge a fee for assisting you with the revision.
If you are revising your return after the due date and it results in additional tax, you may face interest or penalties for not paying the correct tax on time.
Here are several common errors that can be corrected by filing a revised income tax return:
- Selection of wrong ITR form: taxpayer inadvertently may choose a wrong income tax return form while filing ITR. For instance, a salaried individual may choose ITR-1 instead of ITR-2.
- Reporting your income under the wrong column.
- Error in calculating total income.
- Missed reporting any income such as income from mutual funds, interest and dividends.
- Mismatch of TDS (Tax Deducted at Source) details in Form 26AS / AIS with original ITR.
- Claiming incorrect exemptions and deductions.
- Simple math errors or clerical slips (like typos).
- Missed reporting certain losses (such as capital losses) or forgot to carry them forward.
- Overpaid taxes and are eligible for a refund.
Remember, there are no penalties for filing a revised income tax return, it’s all about ensuring accuracy and compliance.
Frequently asked questions (FAQs)
Can I file a revised income tax return after intimation under section 143(1)?
Section 143 (1) deals with the preliminary assessment of your return by the Income Tax Department. It typically includes a summary of your return, any adjustments made, and the tax demand or refund calculated.
If you realize that there were errors or omissions in your original return after receiving the intimation, you can still file a revised return under Section 139(5).
Filing a revised return allows you to correct the discrepancies and provide accurate information to the tax department.
Make sure to file the revised return within the stipulated time frame, which is generally before the end of the assessment year or before the completion of the assessment.
Can a belated return be revised?
A belated return is one that is filed after the due date of filing applicable for the original return.
Yes, a belated return can be revised.
Typically, you can revise a belated return before 31st December of the relevant assessment year. Therefore, for the financial year 2023-24, the revision must be done on or before 31st December 2024.
When revising, you must mention the acknowledgment number of the belated return. Ensure that the revised return reflects accurate information to avoid penalties or issues with the tax authorities.
How many times can an income tax return be revised?
In India, an income tax return (ITR) can be revised multiple times under Section 139(5). There is no specified limit on the number of times you can revise your income tax returns.
If the revision results in additional tax liability, ensure that you pay the additional tax along with any interest.
When filing a revised return, you must mention the acknowledgment number of the original return being revised. It’s good practice to track all revisions and their respective acknowledgment numbers for reference.
How to file a revised income tax return?
You can revise your income tax return by filing the same ITR forms that you have originally filed.
In addition to the correction you want to make in the original return, you are required to fill up the following additional details related to the earlier return that you want to revise.
| Field in the ITR | You need to fill |
| Return filed under section | 17 – revised return u/s 139(5) |
| Whether original or revised return | R – Revised |
| If revised, defective, modified then enter receipt no. | Acknowledgement number of ITRV for filing original return |
| Date of filing of original return | Actual date when you have uploaded your IT return |
After revising, your original Income Tax Return stands withdrawn and the revised tax return will become the original return. Refund or tax calculation will be based on the last ITR filed by you. We suggest you file your revised tax return only to rectify genuine omissions or wrong statements.
